The appeal was made on Banking Insurance and other Financial Institutions at the Senate Committee hearing. It requests its bill for an act to appeal the Banks and other Financial Institutions Act, 2004 and re_enact the Banks and other Financial Institutions Act, 2020.
The new request was submitted by Kofo Salam_Alade, CBN Director of Legal Services.
Kofo said fraud and financial crimes could be greatly tamed by giving the CBN Governor the power to apply to the court for orders to freeze accounts which are deemed to be linked with criminal and other civil infractions. He lamented that this was omited in the current Act.
He added that the power of the CBN to intervene in the process of managing a failing bank and reinstatement of the the bank to sound financial health was omited in the bill.
He revealed that the omission erodes the power of the CBN to create a huge gap in the regulatory and resolution framework.
Kofo then proposed that the extent provision should be reinstated. "We propose the inclusion of provisions to improve the administration of dormant accounts in the Nigerian banking sector," he said.
After several deliberations, the Senate president, Ahmed Lawan, who was represented by the deputy senate leader, Robert Boroffice assured stakeholders present at the hearing that their input will not only be absorbed but would form the major ingredients that will be used to produce the law.
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